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Ethereum Bullish Trend

Ethereum: Solid Support at $2,370, Further Gains Ahead: Analyst

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  • Analysts note a solid support level at $2,370 for Ethereum (ETH), with strong buyer interest preventing further price drops.
  • Over 90% of ETH addresses are “in the money,” with holdings worth more than their purchase price.
  • Despite price volatility, active ETH addresses have dropped due to various reasons.

Ethereum (ETH) appears to have established a strong support at the $2,370 price level, according to a recent update by popular crypto analyst, Ali via X. This support price implies that buyers will consistently buy more ETH should its price drops around $2,370 to prevent it from dropping further.

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Source: X (@ali_charts)

Majority of ETH Holders Stay Profitable

According to the analyst, there is little resistance standing in the way of ETH for further upward price movement. Hence, if there are more buying pressure, Ethereum’s price would likely move upward without any major hinderance.

However, short-term volatility remains a possibility due to broader crypto market conditions.

Other analysts added that the creation of a strong support suggests that investor confidence in the digital asset is strong at current price levels. Many ETH holders are unwilling to sell their ETH holdings at less than $2,370, which will further establish this price point as a support.

The chart accompanying the post (from the IntoTheBlock platform) offers a visual display of this market dynamic. It shows that most of the current Ethereum holders are “in the money” (the value of their current holdings is way higher than the amount of they purchased them).

This positive can lead to greater confidence in the cryptocurrency. The IntoTheBlock chart also shows that 90.21% of the current addresses bought their Ethereum at prices below the current level.

Ethereum Active Addresses Decline as Price Shows Volatility

Meanwhile, the number of active ETH addresses has declined significantly in the last seven days, according to Glassnode data. The number of addresses dropped from about 46,000 to a little above 34,000 between May 12 and May 21.

Analysts suggests that market uncertainty or reduced speculative interest could be the cause of the drop in active addresses. The chart shows that there was a mismatch between the rise in the number of active addresses and Ethereum’s price.

For example, ETH’s price remained around $4,000 even though there was a sharp increase in the number of active addresses on May 17th. This price was almost the same as the cryptocurrency’s price earlier in the week even though it corresponded to smaller active addresses.

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Source: Glassnode

Current CoinmarketCap data shows Ethereum’s price to be $2,658 after gaining 3.80%.

Ethereum (ETH) Key Price Zones: Will $2.8K Lead to the Next Bullish Surge?

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  • Ethereum has held strong at the $2.1K support level, proving its resilience despite market volatility this year.
  • Attention is on Ethereum’s $2.8K resistance, with traders hoping a swift break could signal potential higher gains.
  • A break above the $2.8K resistance could shift market sentiment, opening doors for Ethereum to test recent highs and push further upward.

Ethereum has also maintained a remarkable price level ranging the $2.1K mark as throughout the year has proved to be strong support. The cryptocurrency has remained respectful of this horizontal support zone even if the market volatility is now important. One of the critical price points that have been developed for Ethereum is the $2.1K, and this has made many to understand that ETH has got more potential moves as soon as the price recovers above this point.

Ethereum’s Key Resistance Level

Attention is now on Ether, the cryptocurrency’s price performance around the $ 2,800 which has been a significant barrier in the last several months. Daan Crypto Trades has recently pointed at this level in one of the posts on X and explained how it is crucial given the current rates. Ethereum can test higher timeframes if it will be able to leave the $2.8K zone swiftly as pointed out by the trader Daan. ETH, however, needs to break beyond this resistance level to possibly catapult itself to other considerable gains in the near future.

The price of Ethereum has often failed to sustain the bullish run above the level $2.8K. This level has acted as a strong resistance level to Ethereum for some time now, thus checking any possible trend that tries to take the coin beyond it. 

Nonetheless, if ETH is to surmounted these levels, chances are high that the text favours that the market is set to turn into a positive stance as far as the altcoin is concerned. The price bouncing back above the $2.8K level could signal a positive shift in the market sentiment and may open the door for ETH for trying to test the recent high. ETH is currently valued at $2,824 and is 1.39% higher than in the past twenty-four hours.

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Source: TradingView

Ethereum’s Critical Price Zones

In addition to the $2.8K resistance, the $2.1K support level can also be critical in the price changes of ETH. This is an important level the ETH has revisited each time for a very short duration before bouncing back implying the importance of this level. This behavior has made ETH a target for the trader because there are obvious levels to anticipate and transact in the market. In turn, stability of these two price points has created certainty about the structure in the ETH market while prices continue to fluctuate.

Ethereum is now very close to this level and traders and investors look forward to the break above $2.8K as a significant level. The price action could have a bearing on Ethereum for the following weeks. If ETH could manage to stay above $2.8K, this will mark the onset of an upward trend in the cryptocurrency with new strategies for long term investment as well as short term speculation. Now, traders’ attention turns to where ETH is going next due to the market condition that seems to be at a critical stage.

Ethereum Hits Highest Since June 2022: Bullish Trends in Whale Wallets

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Ethereum (ETH) has surged to $2,349, marking its highest point since June 2022, as reported by Santiment. The cryptocurrency’s ascent is accompanied by a notable trend in which top non-exchange whale wallets accumulate wealth while top exchange whale wallets demonstrate decreased sell-off power. This convergence of factors paints a promising picture of Ethereum’s continued market climb.

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Analysts Debate Ethereum’s Future: Will It Swim or Sink?

Cryptocurrency analysts are closely scrutinizing ETH’s current position, debating whether it will swim to further highs or sink under potential pressures. A recent analysis by a cryptonary analyst sheds light on the critical juncture ETH finds itself in, with a pennant pattern forming that could pave the way for a significant market move.

At present, Ethereum faces a crucial decision point. The mechanics seem favorable, with Open Interest (OI) experiencing a decrease while Funding hovers just above 0.010%. According to technical analysis, the outcome of this pivotal moment could see Ethereum either reaching $2,340 before a potential rejection or dipping to $2,130.

Looking closely at the technical aspects, ETH remains outside the primary upward trajectory despite a recent positive uptrend, typically considered unfavorable for its price. The emerging pennant pattern introduces the possibility of a volatile move, with $2,340 acting as horizontal resistance and $2,130 as horizontal support.

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The Relative Strength Index (RSI) maintains positivity across various timeframes, except for the 3D chart, indicating that there might be room for further growth before reaching concerning levels. Analysts anticipate a potential breakout to $2,340, followed by a short-term rejection in that zone.

Examining market mechanics, ETH’s Open Interest has decreased from $8.47 billion to $7.82 billion, a relatively healthy adjustment that suggests the market is not overheated. The OI-Weighted Funding Rate has shown a growing bias towards Long positions, at 0.013%. Despite the bias, it remains at a level considered relatively healthy, without an overweight position in Longs.

Cryptonary’s analysis of ETH’s current status emphasizes the positive market mechanics, highlighting the resilience of the cryptocurrency at the $2,250 level. Despite less favorable technical analysis setups, Ethereum’s price performance has been robust.

Cryptonary foresees the potential for Ethereum to break up to $2,340 before encountering resistance and undergoing a pullback. While short-term trades may not be on the horizon, the analysts plan to move the Dollar-Cost Average (DCA) into the $2,130 area if a pullback occurs. Additionally, they express readiness to implement aggressive DCA orders below $2,000, although they deem the likelihood of the price reaching that level to be low. 

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